Become an Accountant in South Africa - A Great Career Path

To become an accountant in South Africa requires one to first decide what area of accounting and the level of accounting they wish to work in. There are many types of accountants in South Africa which makes this first decision somewhat daunting. A partial list of types of accountants includes: Chartered Accountant, Associate General Accountant, Registered Auditor and Accountant, Professional Accountant, and Chartered Management Accountant. Fuck Girl

Each of these accountants has their own ruling body and their own particular focus.

 

Levels of Accounting Jobs

There are three levels of accountant jobs - book-keepers, accounting technicians and senior accountants.

 

Book-keepers - The lowest level of accounting duties is the book-keeper, sometimes referred to as accounting clerks. Book-keepers are employed by companies for daily data entries into software program. The programs can track inventory, payroll, income, expenses, AR / AP (accounts receivable / accounts payable) and produce reports such as Income Statements and Balance Sheets. These reports are used by company directors to track the company's performance. Book-keepers need specialized training which can be obtained from both private institutes and government funded colleges. It is important that the course work is sanctioned by the South Africa Qualifications Authority (SAQA) so it recognized by employers. In some cases, there are prescribed courses offered by the ruling bodies such as the Institute of Certified Bookkeepers.

Accounting Technician - An accounting technician is employed by an accounting firm. An accounting technician's duties may include many of the book-keepers duties of data entry but they have more specialized training that allows them to reconcile the accounts and prepare the trial balance which is part of the tax preparation process. Trial balances are also necessary when audits are performed. To become an accountant tanning, course work leading to a diploma, as prescribed by the ruling body, must be completed. In addition, one must have five years of n experience while working in the accounting field to qualify for the highest level of certificate.

Senior Accountants - A senior accountant has completed an extensive program of finance and accounting courses. A B.Com in Accounting is a prerequisite. One must then register for and complete the Certificate in the Theory of Accounting (CTA) followed by a three year Learnership with an approved office. There are annual exams and projects to be completed making this the equivalent of a Master's degree.

While it may appear to be a rigorous process to become an accountant the public needs assurance that their financial welfare, and the welfare of their companies, is not compromised by ill-prepared accountants.

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The Types of Accounting Jobs in South Africa

Accounting jobs in South Africa fit into two distinct categories. The first are accountants who work for companies and organizations and the second category is accountants who work for accounting firms and government agencies. Discussed below are the various duties of an accountant and the many positions available.

Private Companies and Corporations

Larger companies and corporations will have book-keepers and accountants who are responsible for specific duties. In smaller companies, these duties may be combined.

Payroll - Payroll clerks calculate and issue pay cheques. In doing so, payroll clerks have to determine gross wages. A salaried employee is given a monthly salary often with a mid-month advance. The end of month cheque allows for the advance, calculates income taxes to be withheld, factors in employee share of benefits such as retirement plans and health plans, and determines vacation pay. The pay cheque represents the net amount the employee will receive after all deductions have been factored in.

For hourly employees, payroll clerks have an extra step. They must calculate the hours worked at their hourly wage to determine their gross pay for the given period.

AR / AP - A major part of company accounting is AR / AP - Accounts Receivable / Accounts Payable. In many organizations these two duties are separate. Accounts receivable refers to sales and billing. It is the accounting clerk's job to ensure that sales invoices are recorded, invoices are sent out and payments received are documented. This is a vital part to any business - to ensure payment for products and services received.

AP - Accounts Payable refers to receiving invoices from companies for products and services received. It is important to record and document these payables as it is critical for inventory control which is necessary for controlling costs.

G/L - General Ledger - The General Ledger is a listing of every detail and every facet of a business's activities. It has two parts - the Income Statement and the Balance Sheet. The Income Statement is a statement of revenues and expenses during a set period, e.g. the month of March. It provides information about the profitability of the company. Reconciling income and expenses provides statement of net income (net loss).

The Balance Sheet is a listing of assets and liabilities. Assets refer to property - such as vehicles and buildings - that the company owns. Liabilities refer to property that the company owes money on. Reconciling assets against liabilities provides net value. When net value is compared over several periods, one can see if the business is gaining (or losing) in value.

Accounting Firms and Government Agencies

Accounting firms and government agencies employ become an accountant for two main purposes - taxes and audits.

Tax Preparation - An accounting firm reviews all business dealings, examines the net income and determines taxes payable by the company. Companies prefer accounting firms to prepare their tax returns as it is a specialized field, and the third party preparation insulates against audits.

Government agencies employ accountants. Their objective is to review tax returns to ensure the government receives its appropriate share of taxes owed.

Auditors - Audits are a forensic review of a company's books. This means that all the entries into the G/L are examined and the income statement and balance sheet are correct. Accounting firms are often asked to perform accounting reviews (a lesser form of audit) as a regular procedure or if there seems to be some irregularity in reporting.

There is great variety between the various Accounting jobs in South Africa.